As previously announced New Jersey Resources Corporation (NJR) will raise its quarterly dividend by 6.4 percent to 33.25 cents per share in 2020. This follows a 6.8 percent dividend hike to $0.3125 per share in 2019 and will mark 25 consecutive years of dividend increases.

The next dividend will be payable on October 1, 2019 to shareowners of record as of October 1, 2020. A new annual rate of $1.33 per share yields 4.6% at a stock price of $28.69.

In the company's press release New Jersey Resources states that it has paid quarterly dividends continuously since its inception in 1952, and this marks the 27th dividend increase over the last 25 years.

“The action taken by our board of directors reflects our continued commitment to creating value for shareowners, especially in these uncertain times,” said Steve Westhoven, President and CEO of New Jersey Resources.

New Jersey Resources will now pay an estimated $127 million annually in dividends to its shareholders. The company has been announcing steady dividend increases ranging from 6.3 percent to 7.1 percent annually since 2014.

New Jersey Resources Corporation is an energy services holding company whose principal business is the distribution of natural gas through a regulated utility, providing other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. The company's primary subsidiaries are: New Jersey Natural Gas Company, NJR Clean Energy Ventures Corporation and NJR Energy Services Company. New Jersey Resources has paid quarterly dividends continuously since its inception in 1952.